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High Street

Primark owner sees Q3 revenues rise 47% to £3.65bn

Released as a part of the company’s trading update for the 40 weeks to 19 June 2021, the group revealed that its retail revenues spiked 207% to £1.6bn for the Q3 FY21

Associated British Foods, the owner of Primark, saw group revenues jump 47% year-on-year to £3.65bn for Q3 FY21.

Released as a part of the company’s trading update for the 40 weeks to 19 June 2021, the group revealed that its retail revenues spiked 207% year-on-year to £1.6bn for the quarter.

Despite the rise in the 16 weeks to 19 June 2021, ABF saw total revenues decline 2% to £9.96bn in the 40-week period when compared to FY20.

Moreover, Primark’s retail revenue fell 11% year-on-year to £3.84bn for the 40-week period as “volatility remains high and performance varied by region” depending on Covid-19 restrictions.

Primark’s like-for-like sales did, however, rise 3% on a two-year basis for Q3 as “a number of new sales records were set” upon the lifting of lockdown restrictions.

The group said: “Data for the total UK clothing market, which includes online sales, for the seven-week period after reopening shows both volume and value share gains for Primark on a two-year basis.”

In turn, ABF added that it expects its full year profits to be “broadly in line with that achieved last year”. 

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